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and incomes rising as well. our deficits are falling at the fastest pace in years, but we can do more to bring them down in a balanced and responsible way. the point is our economy is poised for progress. as long as washington doesn't get in the way. frankly, the american people deserve better than what we've been seeing, a short sided crisis-driven decisionmaking like the reckless across-the- board spending cuts that are already hurting a lot of communities out there. cuts that economists predict will cost us hundreds of thousands of jobs during the course of this year. if we want to keep rebuilding our economy on a stronger, more stable foundation, then we got to get smarter about our priorities as a nation. and that's what the budget i'm sending to congress today represents. a fiscally responsible blueprint for middle-class jobs and growth. for years the debate in this town has raged between reducing our deficits at all costs and making the investments necessary to grow our economy. thatbudget answers argument because we can do both. we can grow our economy and shrink our deficits. in fact,
and deficit compared to gdp. emily need to work together. the 1980s and 1990s, we do not reach a balance in one shot. it took year after year. >> is it fair to say that under the president's budget in our lifetime, we will never stop spending more money than we take in? >> i'm not convinced that in an estimate either of our lifetimes. >> you would be 100 years old. is that safe to say? i i think the question is not think when we hit balance. our budget in a place where it is affordable and we can pay our bills -- one with the budget reflect that? >> i guess i'm disagreeing on reaching that balance is a short-term window. as notfine that spending more money than you taken in any one year. that in the president's budget is 2055. how about paying off the debt that we owe? is there a date? >> i would have to look it up. >> toledo not know. know.we do mnot rack upesses cannot debt and have no clue when they can pay it off. >> if they maintain a growing the only- i'm probably can balanceoom who a budget. i believe in balancing the budget. >> do you have children? >> yes. well.o as had explaine
have to get wages and incomes rising as well. our deficit are falling. at the fastest pace in years. we can do more to bring them down in a balanced and responsible way. is point is our economy poised for progress as long as washington does not get in the way. frankly, the american people deserve better than what we have been seeing. a short sighted, crisis-driven decision making like the across- the-board spending cuts that are hurting communities out there. cuts that economists predict will cost us hundreds of thousands of jobs. if we want to keep rebuilding our economy on a stronger, more stable foundation, then we got to get smarter about our priorities as a nation. and that's what the budget i'm sending to congress today represents. a fiscally responsible blueprint for middle-class jobs and growth. for years the debate in this town has raged between reducing our deficits at all costs and making the investments necessary to grow our economy. this budget answers that argument because we can do both. we can grow our economy and shrink our deficits. in fact, as we saw in the 1990's, no
a sequester drag on our economy and month as head if they're not replaced with sensible deficit reduction policies. this is my first opportunity to appear before you as treasury secretary and discuss from the vantage point how we need to confront difficult challenges. this is far from the first budget i worked on n my experience good pument offers practical solutions the problems of its time. the president's budget does that by making investments that will drive a growing economy and reining in our deficits responsibly so we can replace across-the-board cuts immediately and restore fiscal stability over time. a good budget must also be grounded in reality. this budget deals squarely with the world as it is now and as it will be in the future. it reflects the need for compromise to have a path that could command bipartisan support and recognizes issues of major consequence like the fact our demographics are shifting. with the baby boom, number of retirees is growing. like the fact millions of americans are living in poverty today. like wages and income for middle class americans have not i
strategy the republican budget seems to focus on deficit reduction and not on investing in creating more jobs and the president's budget focuses on educating our children and making sure we're strengthening our work force which as a result grow our economy going forward. the president's budget is brave enough to invest in our american children and american workers today rather than putting an offer or focusing exclusively on deficit reduction and the best way for us to get out of the deficit, the reduce the deficit is to actually get back into making sure we are educating our work force, creating a work force of tomorrow that is better prepared to compete in world and to regain our position as the copper base of production on this planet so thank you very much. >> the gentleman's time has expired. gentleman from south carolina. >> thank you, mr. chairman for being here. i appreciate very much your willingness to come and put your life on the president's budget for us. i want to start, when i say balanced hymie revenues should be equal to expenses or expenses -- when you say balance we ne
and comprehensive package to shrink the deficit by $1.8 trillion over 10 years and are meant the fiscal uncertainty that hampers economic growth and job creation. this remark does not represent the starting point for negotiation. represent tagamet savings and additional roadrunners for those of the. the two cannot be separated and were not separated last december when we were close to a bipartisan agreement. this budget provides achievable solutions to fiscal problems, the crucial a solution desired, we have to do more than focus on deficit and debt. the significance of balancing the budget is clear as ranking member then holland noted, i hope negotiate the groundbreaking agreement with congress to do just that as budget director oversaw three budget surpluses and worked with many on the left in right on a plan to pay off our debt. that does not mean we should make deficit reduction are one and only priority. in addition to ensuring sound fiscal fitting we will have everyone of these initiatives paid for in our deficit reduction package can i mean day donati done to the deficit. as the president ex
in the third third when the state began to fall very short of its funding responsibilities in terms of deficit factor becoming a very significant element of the state's budget. and just to recap for folks who may not know that term by heart, as i unfortunately do, in the state's decision making about its budgetory priorities, the primary way schools and districts receive funds is through the revenue limit and when the state is in times of fiscal distress as it has been, it has certain mechanisms to reduce the amount of funding from year to year that it should properly pay the school district. and the biggest indicator of that is this factor. what that means is for every dollar of revenue limit, the ada funds, the deaf sis factor represents the amount that the state is not paying for every dollar that they should be paying. so in 2007, 2008, there was no deficit factor so the schools received the full amount of the revenue limit that they were entitled to and over the next several years, that deficit factor increased to more than 20 percent. it remains at 22 percent so for every dollar of
or deficit by more than $2.5 trillion. more than two-thirds of it through spending cuts and the rest through asking the wealthiest americans to begin paying anywhere share neil nursing school that wasn't the -- >> neil: this isn't the one i was talking about. >> one of the wealthy americans he was referring to, so if he thinks he should pay more fair share he should donate more to charity or go out and earn more money outside of being president. >> neil: when i asked prominent democrats, to discuss this, a former budget wonk in the white house and the federal reserve, to talk about what is a fair share for the wealthy. she says we're getting there. it's close to 40%, we're getting there. but if the president of the united states is nowhere near there, doesn't it send a mixed message. >> i would say it's a very mixed message, and as a small business owner i would say that most small businesses are probably paying an effective rate much her -- higher than that and faced with rising medical costs to keep staff on, rising regulations. so maybe we should take this as a time to focus on the tax sy
. >> reporter: the blueprint aims to reduce the deficit by another $1.8 trillion over ten years. that's on top of $2.5 trillion in reductions agreed to at the end of last year. the cuts in this new budget also replace most of sequestration-- those across-the-board spending reductions that already have begun taking effect. to make it all possible, the president would raise $580 billion in new revenue from higher taxes on the wealthy. and, he anticipated republican objections. >> if anyone thinks i'll finish the job of deficit reduction on the backs of middle-class families, or through spending cuts alone-- that actually hurt our economy in the short-term-- they should think again. when it comes to deficit reduction, i've already met republicans more than half-way. >> reporter: but on the senate floor this morning, republican leader mitch mcconnell rejected the president's math. >> when you cut through the spin and get to the facts, it looks like there's less than $600 billion worth of reduction in there and that's over a decade. all of it coming, not surprisingly, from tax increases. in other w
a trillion dollars deficit, we've got a debt crisis on the horizon, and it's spending driven. so what does the president propose? about a $1 trillion spending increase, only to be eclipsed by a $1.1 trillion tax increase. so the total deficit reduction in this ten-year budget. >> is $119 billion. and the deficit reduction he proposes will start the beginning of the year 2020, four years after he's left office. >> so this is just a -- is this a budget or a political document in your mind? >> it's morph the same, take more from families, spend more in washington, ignore the deficit and the debt. so it's just not a very serious attempt to get a hold of our fiscal problems. that's what we see. >> do you see any part of it that, for example, the changed cpi? if you can explain it for the viewers. you see that as sort of annal live branch or reaching out. >> that's what i interpret it as. this is the consumer price index, economists claim that it is overstated. so this is an attempt to make it more accurate. and what that does is it ends up saving money throughout the federal government on vario
thank my friend for yielding. in the summer of 2011 as the country continued to see rising deficits, members of the congress knew that they had to do something about that in connection with the extension of what we call the debt ceiling which lets the country borrow money to pay its bills. as a part of that agreement, a large number of people from both parties voted for something that hasn't turned out very well. and it's called sequestration. this is a word that gets tossed around in this chamber. it is having a real and negative impact on the country. i just came from a hearing of the armed services committee where the chairman of the joint chiefs of staff and the secretary of defense told us that nine battle groups and three bomber groups of our air force and our navy planes have been grounded. about 1/3 of the nation's air capacity isn't flying. across the country today, people who are on medicare, who need chemotherapy treatments from their doctors offices are finding that many doctors are declining to do chemo therapy treatments for cancer patients because of the cuts that tak
.2 trillion in deficit reduction but $1.8 trillions in deficit reduction. in other words it will go further than the sequester. >> it would reduce the value of itemized deductions for families in the top tax bracket. they can only reduce tax bracket to 28 in their income. it would deduct charity mortgage interest and others. the change would bring $500 billion for the next ten years but it wants to adjust medicare including higher premiums for couples making more than 170,000 a year he wants to adjust social security by changing the inflation form ma. that would raise 100 billion over the next ten years. republicans and paul ryan wants to balance the budget over the next decade he wants to do it would you t-- without the new taxes and wants to repeal the healthcare initiative saying this is moshe of the same. -- more of the same. >> we have a deficit on the horizon. the president proposes a $1 trillion spending increase eclipsed a tax increase. the total deduction in the ten-year budget spending 465 billion is 119 billion. the deficit reduction will start 4 years after he left office. >> ra
blatantly misled the american people about deficits today. listen. >> my budget will reduce our deficits by nearly another $2 trillion, so that all told, we will have surpassed the goal of $4 trillion in deficit reduction, that independent economists believe we need to stabilize our finances. the numbers work. there's not a lot of smoke and mirrors in here. >> we found some smoke and mirrors, mr. president. according to your exact budget. you're going to spend $46.5 trillion over the next 10 years. the revenues will be 41.4 trillion. you're not cutting the deficit, you're adding 5.27 trillion $to the deficit. i'm not sure why you even go there with these numbers. the father of this new american collective sure has nuked the family budget, right, bobby? >> first of all, ericy, let me say this, for years now, they've asked democrats to come forward with something on entitlements, he finally comes through with something on entitlements, as i predicted he would, and it was a republican idea. now all of a sudden republicans don't like it, you don't like t it. >> why would he go on tv today a
fact. our deficits are already falling. over the past two years i have signed legislation that will reduce our deficits by more than $2.5 trillion. more than two-thirds of it through spending cuts and the rest through asking the rest of americans to be paying their fair share. that doesn't mean we don't have more work to do, but here's how we finish the job. my budget will reduce our deficits by nearly another $2 trillion so that all tolled, we will have southern passed the goal of $4 trillion in deficit reduction that independent economists believe with we need to stabilize our finances. >> where does he come up with these numbers? by the way, did you notice fair share again and again and again. his plan includes nothing more but spending and taxes. republicans on the budget committee they crunched the numbers. the figures they came up are scary. over the next ten years over this budget, over 8.$2 trillion will be added in few debt, the opposite of what the president is saying. but it will take more money from hardworking americans, specifically more than $1.1 trillion in
to reduce the deficit. the $3.80 trillion spending plan will face intense negotiations in congress. it creates income tax hikes on high earners and deep cuts to social spending. >> if we want to keep rebuilding our economy on a stump or more stable foundation, we have to get smarter about our priorities a more stable foundation, we have to get smarter about our priorities. aboutcally smart solution jobs. -- hasate has waged raised about reducing our deficit and making investments necessary to grow our economy. this budget answers our argument -- that argument because we can do both. we can grow our economy and shrink our deficit. >> tens of millions of dollars been handed to the afghanistan government. in eastern afghanistan, it is hoped that some of the money will end up there. >> the spring thaw means that the overflow of the dam. it has officials here hassled by now. it will be producing power for the province. the decision to upgrade this plant has not turned out as planned. the cost has been astronomical. the energy directors says engineers charged $7.5 million to upgrade one
opposed. it forecasts $1.8 trillion in deficit reduction over the next decade. obama is seeking gop cooperation to reduce the federal deficit. >> our deficits are falling at the fastest pace in years. we can do more to bring them down in a balanced and responsible way. >> the expect the deficit would fall to $744 billion. that would be below the $1 trillion level for the second consecutive year. >>> let's take a look at a recap of the latest market figures. >>> the operators of the fukushima plant tell how they plan to prevent anymore leaks. workers will construct new storage tanks quickly. tepco engineers have been struggling to deal with under ground water flowing with the damaged reactor buildings. workers have been pumping the water into tanks. they have about 1,000 but nearly all are full. they also built several large under ground storage pools but workers have found leaks in three of them. >> translator: we still need to keep the con in pools. for that purpose we will construct new tanks. >> tepco will store water in ta tanks used for other purposes. they have criticized the
to the euro. there is no inflation. and energy independence could curb our trade deficit, bolstering king dollar and bring gold down even more. remember the fabulous stock market and economic prosperity of the '80s and '90s? remember? gold was crushed then. maybe we're moving in that direction right now. think of it. anyway, here to debate, dave goldman, former head of fixed income research at bank of america. he's currently president of macro strategy. and we welcome back peter schiff, ceo of euro pacific capital and author of "the real crash," how to save yourself and your country. anyway, let me go right to peter schiff. peter, you probably don't agree with my prognostication that falling gold is, a., a good thing. and there is more of it. so tell me where you come out. >> well, first of all, larry, thanks for having me back on. it's been a while. and by the way, i read your piece on the fall on the gold price and while i agree with your sentiments, i completely disagree with your conclusion. when the price of gold did plunge in 1980, that was a good sign. because paul volcker did the
to reduce the deficit. >> continued reaction from democrats and the president's budget proposal directing their ire to his cuts to social security to the embraced changed cpi. and it has been the focus of a lot of discussion surrounding the budget. we talked about it here last night. much of the reaction from democrats and progressives has been a palpable sense of betrayal, the president has finally done it, finally caved. this austerity has been happening across the world the past five years. massive financial crisis followed by bailouts, followed by deficits and austerity and revolt. that cycle has been introduce by liberal and conservative governments alike. one of the most grim ironies of crisis i'm, and irony barack obama is now part of center left governments across the world have been the ones to turn around and impose austerity sometimes brutal austerity on their own base who do not want it. nowhere in the world has that been more violently resisted or disastrous than greece at the spectacle of suffering is former prime minister that was center of the coalition but to get bailed o
. then, america's debt and deficits going forward will largely be caused by one factor, health care. how do bring these costs down. the great debate we should all be having. steven brill and david goldhill present two very different views. also, anthony bourdain on globalization and food. what does he learn from eating stuff all over the world. >> that's good. >> i'll ask him. >>> and a lesson in ethics from an unlikely source. an emerging markets business titan. ratan tata ran india's biggest conglomerate and how businesses should live by a moral code. >>> i grew up admiring margaret thatcher. it was obvious to many of us in india in 1970s that economics didn't work and her forms were the right course. privatize industry and deregulate have largely been vindicated by history, but that doesn't tell us very much about what to do today. consider the world in 1979 when thatcher came to power. the average britain's life was a series of interactions with government. telephone, gas, electricity, water service, ports, trains, airlines were all owned and run by the state. as was steel companies
. what do we do? >> well, i think we're doing it. the deficit's coming down. we've ran up a lot of big deficits in the recession. the recession's getting better, as you noted, where the economy's growing, and that means tax revenues are growing, but the economy's not growing fast enough, so tax revenues are not back to normal by any manner of means. they fell to app all-time low as a percent of gdp. now they're back to about 17% of gdp. normal over the last 20 years or so has been about 18.5. now, we spend more than we take in, but the deficit's coming down, and the real problem is, as you look ahead, what do you say? well, you see baby boomers retiring and being elizabeth jill for medicare and medicaid, so we're going to need to slow the growth of those programs and, i believe, raise some more revenue from a reformed tax system. neil: that might all work and happen, but this is a stone i cast on both sides here. drat creative when it comes for coming up with ways for washington to get the money, but not creative for ways for washington to start, you know, slowing down all that spendin
pipe hive and so we begin here with this graph the federal budget surplot plus or deficit. obviously it's been some time since we have run anything like a significant budget surplus we went into the recession carrying a farrell substantial deficit and obviously that really ballooned and got much much worse and what we are facing now are really the biggest bulletin deficits that the united states economy has faced since the second world war we are moving in the right direction it's getling smogger and it's still a farrell daunting challenge and this is what was westbound bend the whole fiscal cliff last year and we ended up with an 11th hour deal to avoid the worst of the fiscal live kcliff and i'm not going to read all of the stuff on this slide but basically what we got was tax increases that effect the working poor primarily and the very affluent and not really not much of an impact on the middle class and you can may be have your own political opinions about that but the spending cuts didn't really take much effect at all. the spending cuts are now poised to go into effect march 1
tobacco and the deficit reduction tax proposals that you have, is that the biggest new revenue provision that you have even among those used to offset other tax cuts for middle-class? >> i believe so. i'll check for you to make sure. >> two questions. is that a price tag for the whole program? what is the criteria for communities to take part? >> it was the numbers that i gave, $35 million, which is the department of justice and 400 at hud. aside from that, other agencies are going to align programs but there is not necessarily new funds. then there is a tax credit proposal. agencies are working on the criteria but the goal is if you are the leader of such a community, a county, city, a neighborhood it should feel like one doorway in to partnership with the federal government. it will resources and technical assistance. we will build on a program that we have called strong cities, strong communities, we have staff and we're supporting local leadership and identifying clear goals and clear metrics and breaking down the barriers within the government make sure we're the best possible partn
elsewhere. >> the debate in this town has raged between reducing our deficits at all costs and making the investments necessary to grow our economy. this budget answers that argument because we can do both. >> reporter: get the top republican on the senate budget committee quickly noted while deficits shrink in the short term, the president's budget would add over $8 trillion in long-term debt increase government spending by 56 percent of the next decade, so the president's plan to include a cut the social security benefits to who republicans on the grand bargain did little to when the speaker's part. >> she does deserve some credit for some big criminal internal reforms. i would hope that he would not hold hostage this modest reform for his demand for bigger tax cuts -- hikes. >> reporter: they know that it is designed to win over rank-and-file republicans, not the leaders. quickly shot back, the speaker cannot pick and choose the concessions. >> the offer that is there for the speaker is not a menu. you cannot decide to only pick of the concessions that the president has made. >> re
blueprint. >> grow the economy and shrink the deficit. >> it represents compromise. >> common sense and compromise. >> offered a big compromise to the republicans. >> he does deserve some credit. >> there are some things in the budget we can find some agreement on. >> can there be a deal? >> no, no, no, no, that's not what i said. >> the sequester is the new normal. >> the sequester will stay in place. >> probably a status quo budget. >> paul ryan responded. when does he balance the budget. >> look at me, look how great i am. >> we put up a budget that balances. >> it is disingenuous. >> claims to balance but won't tell you how. >> republicans have done things that haven't been entirely popular. >> paul ryan is last year's news. >> probably a status quo budget. >> paul ryan doesn't have the last word. >> when does he balance the budget. >> paul ryan, fairly insignificant in this debate. >> we said here is how you restructure medicare. we put lots of things in there. we represent seniors as well. fiscal cliff wasn't popular i would add. >> insignificant to this debate. >> the america
's the big deal? >> for years, the debate in this town has raged between reducing our deficits at all costs and making investments that start to grow our economy. this budget answers that argument because we can do both. >> welcome to "the journal editorial report," i'm stuart varney if this week for paul gigot. at long last, president obama released his budget for 2014 this week, calling it a fiscally responsible blueprint for middle class jobs and growth. and pitching it as a peace offering to republicans. but after looking at the details, shouldn't we be hoping for gridlock? dan henninger, james freeman and kim strassel. dan, hoping for gridlock? you don't like this? >> it sounds good for me based on what i heard president obama say, so, on the one hand he says, in the past we've been trying to reduce deficits at all costs. that means cutting spending, as opposed to making some of the investments we need which means increasing spending and he says he felt solved it, he has, increased spending, and here is an interesting fact. before 2008 spending, federal spending was 2.7 trillion dollar
the deficit and has more than met the republicans halfway. he's doing his job. the question for republicans, how do they agree to higher taxes and a grand bargain? it's a tough one for them but they got to do it or nothing's going to get done. they keep saying if obama proposes, we oppose it. that's helpful. >>> look who's trying to make a comeback. anthony weiner. two years after humiliating himself with that twitter scandal, he's eyeing, believe it or not, the mayor's office in new york. >>> mitch mcconnell has spun that campaign strategy tape about ashley judd being emotionally unbalanced into a story in which, oh, poor mitch, he's the victim. worse yet, the press is buying it. look at the papers today. we'll show you the terrible headlines. they fell for mitch. >>> finally, you can watch as rand paul attempts to convince the african-american students at the great howard university today that he's really on their side. this is "hardball," the place for politics. she knows you like no one else. and you wouldn't have it any other way. but your erectile dysfunction - you know, that could be
. the threat of inflation has reemerged. the trade deficit has opened up. steps have to be taken to deal with both. not until i come to the end of this, and then i promise the honorable gentleman i will. many businesses are concerned by higher interest rates. they are necessary to cut borrowing and to increase saving. the savers will never forget that in the 1970's, labour governments robbed them by a large part of their savings by letting inflation run rampant. inflation today is lower than the lowest labour ever achieved between 1974 and 1979. >> order. them,elebration for because it was low by their standards. it was a concern for us because it is far too high by our standards. the priority is to get inflation down. i give way to the honorable gentleman. >> i rise for the prime minister. is not the fact of the matter that what the government is now introducing on economic growth this year simply the result of 30% of our manufacturing industry being destroyed at a time when the things are available for investment in manufacturing industry, and that is reflected now in a balance of paym
a structural budget deficit in the city, so we need to deal, of course, with the short-term balancing our budget in a way that does not decimate city services that people rely on, but also to address our long- term structural budget deficit, and that means implementing some budget reforms. smooth out our budget process so it is not a boom/bust kind of budget. reforming our pension system and retiree health care system so that they are stable. we do a decent job providing low-income housing. we do a terrible job providing housing for low or middle class and middle-class people, people who are working and paying taxes that we need to have here for a functioning economy, so i am looking for ways to try to fund that, particularly for essential employees like teachers, nurses, first responders. projects coming up in the city like the renovation of dolores park, which is a once in 50 years opportunity to define what the park is and what changes we want to make to it. that will be a very significant projects. [inaudible] when was the last time it rained? there are puddles. we elect our superviso
the economy. the federal budget deficit. and health care. the poll also indicates that one thing standing in the way of passing stricter national gun laws. is the growing perception among gun owners that the government is trying to take away their right to own a weapon. >> today, president obama unveiled his three-point- seven trillion dollar budget proposal. he says it will "grow our economy and shrink our deficits." copies of the budget were rolled out in boxes this morning. the plan looks to reduce federal deficits in the long run, by raising taxes on the wealthy and trimming benefit programs like social security and medicare. some house republican leaders are not impressed. the president says his plan is not a starting point for discussions with republicans. >> "when it comes to deficit reduction, i've already met republicans more than halfway. as they claim to be. >> if we want to keep rebuilding our economy on a stronger, more stable foundation then we've got to get smarter about our priorities as a nation." some republican senators had dinner with the president at the white house t
. for years the debait in this town has raged between reducing our deficits at all costs, and making the investments necessary to grow our economy. this budget answers that argument, because we can do both. >> president obama's $3,788,000,000,000 budget blueprint is a game changer. here are highlights from the 2500-page document. item. taxes. up $1 trillion dollars over ten years. that's on top of this january's $600 billion tax hike. item. domestic spending. up $1.058 trillion total. repeals the sequester, cuts, funds preschools, highways, green energy. item. defense spending down $500 billion. bases closed, weapons canceled. thousands of jobs cut. higher medical fees for veterans. item, social security crimped. new cost of living the so- called chained cpi, cost retirees $130 billion over ten years. item. medicare. cut. $370 billion. doctors lose pay, seniors pay higher premiums and fees. these cuts are on top of the $700 billion obamacare cut from medicare's budget. item. public debt doubles. public debt soars from 40.5% of gross domestic product in 2008 to 78.2% of gdp, in 2014.
happened. and what has happened surprising to some people is the deficit has come down dramatically in part because of what congress and the president have agreed to, the cuts so far. in parts because the economy is recovering. 2009 as the president takes office in the financial crisis $10.10 trillion. now it's 4.4%. the president's spending levels as a share of the economy are slightly higher than when ronald reagan left office buzz his revenue is slightly lower. so the deficit is moving in the right place at the moment. but it gets worse as baby boomers retire. if we don't have anymore deficit reduction, the president would like to change priorities. he said i want a new quality pre-school for all 4-year-olds. that costs $76 billion and i want to raise the federal cigarette tax to pay for that by $78 billion -- gwen: doubling the tax. >> exactly. he would get rid of the tax break that hedge fund managers have. he would limit the tax breaks for i.r.a.s for people who have a lot of money. he's got a pot of money that he says he would use to reform the corporate tax system if congress wants
deficits at all costs and making investments necessary to grow our economy. this budget answers that argument because we can do both. >> gore yegloria, crunch time f obama and washington. good morning, gloria. you write president obama now has a chance to act on his to-do list, which you say could set his legacy for the second term. movement on gun control, real immigration reform and for the first time a new federal budget. we'll break down the president's budget proposal later in the show but let's say an agreement on federal budget and immigration reform could change america's economic landscape. why do you think now is crunch time for this president and his agenda? >> because he's in the second term and the window starts to close after about 18 months in. this is a president who didn't think he was going to have to deal with gun control but after newtown it became a priority item. immigration, of course, is a priority for both republicans and democrats. and on the budget, and i don't want to be pollyanna about this, but on the budget there may be an opportunity to do somethi
at the trillions and trillions of dollars we're in deficit, there is a spending problem. so that's where, that is what congress is about. that is why there is two, three, divisions of government. so somebody can draw the line and say, this is where we're at. one of the problems that i think the house has to deal with, is all the dealings that are going on in the senate. the senate even cuts and dries. cuts a deal and the senate, the house comes back to the house. they got to start creating some of their own ideas and lay them out. and start passing legislation. neil: yeah, they may have to do that always good having you speaker. thank you very much. >> my pleasure, thank you. neil: well the markets are not worried about any of they sure had a funny way of showing it. look at that dow. it is another record and man, oh, man, it is on a roar. what if i told you they're putting faith in a federal reserve that might not have a clue and today proved it. woman: what do you mean, homeowners insurance doesn't cover floods? [ heart rate increases ] man: a few inches of water caused all this? [ hea
Search Results 0 to 49 of about 313 (some duplicates have been removed)